Moderna proposes terms for record IPO

Moderna Inc. (Cambridge, Mass.) proposed terms for an IPO in which it would raise about $500 million. If the mRNA company succeeds, the deal would be the largest ever on NASDAQ for a precommercial biotech.

The company is seeking to sell 21.7 million shares at $22-$24, according to an amended prospectus filed early Wednesday. At the $23 midpoint, a sale of that many shares would raise $500 million and value Moderna at about $7.5 billion, based on 324.4 million shares outstanding. The amount raised is in line with the maximum in its original prospectus, filed on Nov. 9...